Ch. 335

LAWS OF MARYLAND

Article - Real Property

7-106.

(c) (1) If a mortgage or deed of trust remains unreleased
of record, the mortgagor or grantor or any interested party is
entitled to a presumption that it has been paid if:

(i) 12 years have elapsed since the last
payment date called for in the instrument or the maturity date as
set forth in the instrument or any amendment or modification to
the instrument AND NO CONTINUATION STATEMENT HAS BEEN FILED; [or]

(ii) [If the] THE last payment date or maturity
date cannot be ascertained from the record [,] AND 40 years
have elapsed since the date of record of the instrument, AND NO
CONTINUATION STATEMENT HAS BEEN FILED; OR

(III) ONE OR MORE CONTINUATION STATEMENTS
RELATING TO THE INSTRUMENT HAVE BEEN RECORDED AND 12 YEARS HAVE
ELAPSED SINCE THE RECORDATION OF THE LAST CONTINUATION STATEMENT.

(2)    [If] EXCEPT AS PROVIDED IN PARAGRAPH (4) OF
THIS SUBSECTION, IF an action has not been brought to enforce
the lien of a mortgage or deed of trust within the time provided
in paragraph (1) of this subsection[,] and, notwithstanding any
other right or remedy available either at law or equity, the lien

created by the mortgage or deed of trust shall terminate, no

longer be enforceable against the property, and shall be
extinguished as a lien against the property.

(3)  (I) A CONTINUATION STATEMENT MAY BE FILED WITHIN
1 YEAR BEFORE THE EXPIRATION OF THE APPLICABLE TIME PERIOD UNDER
PARAGRAPH (1) OF THIS SUBSECTION.

(II) A CONTINUATION STATEMENT SHALL:

1.  BE SIGNED BY:

A.  THE CURRENT MORTGAGEE, IF THE
INSTRUMENT IS A MORTGAGE; OR

B.  THE CURRENT BENEFICIARY OR ANY ONE OR
MORE OF THE CURRENT TRUSTEES IF THE INSTRUMENT IS A DEED OF
TRUST;

2.  IDENTIFY THE ORIGINAL INSTRUMENT BY:

A.  THE OFFICE, DOCKET OR BOOK, AND FIRST
PAGE WHERE THE INSTRUMENT IS RECORDED; AND

B.  THE NAME OF THE PARTIES TO THE
INSTRUMENT; AND

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